# U.S. wheat, corn, soy rally on concerns about Ukraine-Russia fighting | Financial Post

> U.S. wheat and corn futures jumped on Monday as traders expected Black Sea exports to stay disrupted by fighting in Ukraine. Soybeans rose sharply alongside crude oil, which gained on disruptions to energy shipments tied to the Russia-Ukraine conflict. The May soft red winter wheat contract rose 7.6%, briefly hitting its daily limit.

- Date: 2022-03-21 · published 2022-03-21T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/6241-u-s-wheat-corn-soy-rally-on-concerns-about-ukraine-russia-fighting-financial
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected loss of Black Sea grain supply lifts global wheat and corn prices, and higher crude oil increases biofuel and feed input costs.

## Read by commodity

- SOY: bullish ▲
- WTI: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2022-03-21 | 1 | +11.5% | 5.3 | Reports the 21 March rally in SRW wheat (May contract up 7.6%, briefly limit-up) on expectations that Black Sea exports stay disrupted, directly describing the move. |
| WHEAT | 2022-03-23 | 5 | +10.8% | 2.8 | On 2022-03-21 SRW May futures jumped 7.6% and briefly hit the daily limit on expectations that Black Sea exports would stay disrupted, which accounts for much of the 5-day gain. |
| WTI | 2022-03-21 | 5 | +16.7% | 3.1 | On March 21 crude gained on fears of disrupted energy shipments from the Russia-Ukraine conflict, directly supporting the final day of the 5-day rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-02-10 | [U.S. Wheat Futures Jump on Ukraine, Russia Shipment Concerns](https://feedsoft.ai/events/37376-u-s-wheat-futures-jump-on-ukraine-russia-shipment-concerns.md) | -2.5% | -9.0% |
| WHEAT | 2022-02-28 | [Wheat Continues Surge on Black Sea Supply Concerns as Ukraine-Russia Crisis Continues](https://feedsoft.ai/events/42754-wheat-continues-surge-on-black-sea-supply-concerns-as-ukraine-russia-crisis.md) | +12.1% | +26.0% |
| WHEAT | 2022-09-28 | [Wheat up on war worries; corn, soy also firm despite recession fears \| Financial Post](https://feedsoft.ai/events/39646-wheat-up-on-war-worries-corn-soy-also-firm-despite-recession-fears-financial.md) | +1.3% | -10.3% |
| WHEAT | 2022-02-28 | [Wheat jumps most in a decade; corn, soybeans firm on supply woes \| Financial Post](https://feedsoft.ai/events/9673-wheat-jumps-most-in-a-decade-corn-soybeans-firm-on-supply-woes-financial-post.md) | +12.1% | +26.0% |
| WHEAT | 2022-02-24 | [AgriMarketing.com - Wheat Prices Soar Following Russia's Invasion Of Ukraine](https://feedsoft.ai/events/42753-agrimarketing-com-wheat-prices-soar-following-russia-s-invasion-of-ukraine.md) | +6.8% | +25.3% |
| CORN | 2023-02-10 | [U.S. Wheat Futures Jump on Ukraine, Russia Shipment Concerns](https://feedsoft.ai/events/37376-u-s-wheat-futures-jump-on-ukraine-russia-shipment-concerns.md) | -0.6% | -6.0% |
| CORN | 2022-02-28 | [Wheat Continues Surge on Black Sea Supply Concerns as Ukraine-Russia Crisis Continues](https://feedsoft.ai/events/42754-wheat-continues-surge-on-black-sea-supply-concerns-as-ukraine-russia-crisis.md) | +10.4% | +14.4% |
| CORN | 2022-09-28 | [Wheat up on war worries; corn, soy also firm despite recession fears \| Financial Post](https://feedsoft.ai/events/39646-wheat-up-on-war-worries-corn-soy-also-firm-despite-recession-fears-financial.md) | +1.9% | +4.4% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/u-s-wheat-corn-soy-rally-on-concerns-about-ukraine-russia-fighting

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.